Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Rawhide traders cash-strapped
With two days to Eid, local traders fear rotting or smuggling of unsold rawhide of sacrificial animals as tanners have not paid the arrears with which they could buy the hides. The tanners owe rawhide merchants across the country Tk 350 crore accumulated over the last four years, said Delwar Hossain, president of Bangladesh Hide & Skin Merchants’ Association, the main platform of rawhide traders.
Four SoCBs to lend Tk 6.01b to tanners this Eid
Four state-owned commercial banks (SoCBs) are set to provide Tk 6.01 billion in loans to tanners to help them purchase rawhide of sacrificial animals during this Eid-ul-Azha. The loan facility will be given to the country’s 42 traders concerned this year. Some 40 tanners got loans amounting to Tk 5.26 billion during Eid-ul-Azha last year.
BB provides BDT 3.6b ALSF to three banks ahead of Eid
The central bank has injected funds amounting to nearly BDT 3.60 billion to three banks to help minimize their cash withdrawal pressure ahead of the Eid-ul-Azha. The Bangladesh Bank (BB), the country’s central bank, provided the funds to the banks using its assured liquidity support facility (ALSF) to help manage their funds smoothly before the Eid, officials said.
Bangladesh to invite US to invest in SEZs
Bangladesh would request the United States to invest in the special economic zones in Bangladesh but would not discuss the issue of generalised system of preferences (GSP) at the fourth round of meeting of the Trade and Investment Cooperation Forum Agreement to be held in Washington on September 13. Senior officials of the commerce ministry said that they were setting the agenda for the meeting and the issues including investment opportunities, market access of Bangladeshi products and implementation of trade facilitation agreement would get high priority.
Banks asked to ensure ADCs operations during Eid holidays
The central bank has asked banks to ensure round-the-clock operations of their alternative delivery channels (ADCs) during the upcoming Eid-ul-Azha holidays in order to facilitate smooth transactions. The ADCs include ATM (automated teller machine), POS (point of sale), e-payment gateway and mobile financial services (MFS), through which customers can access required financial services.
Eid pushes up call money rate
The call money rate edged up to around 4.5 percent yesterday after hovering between 2 percent and 3 percent for several months on the back of a cash withdrawal pressure in the lead up to Eid-ul-Azha. Still, the rate is far less than the cost of funds for banks, as there is ample liquidity in the banking sector. Presently, banks take deposits at least 6 percent interest rate.
Four global port giants queue up
Four international port behemoths have queued up to help funding and constructing Bay terminal near Chittagong Port, officials said. Last week, the Chittagong Port Authority (CPA) sought opinion of the shipping ministry regarding investment model of the terminal. Earlier, it forwarded the proposals to the ministry.
Dhaka cattle traders still not making enough sales
Traders at Dhaka’s biggest cattle market Gabtoli complained that they were still not making enough sales, although only a few days are left before Eid. They claimed Sunday, that customers seemed less interested in buying rather they bargained about the prices more, than they usually do.